Compressor Wheel Global Market Report 2024

The compressor wheel market size has grown strongly in recent years. It will grow from $14.93 billion in 2023 to $15.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be attributed to factors such as the demand from the automotive industry, adherence to emissions standards, the influence of the aerospace industry, advancements in material science, and the need for improved fuel efficiency.

The compressor wheel market size is expected to see strong growth in the next few years. It will grow to $19.28 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The increase anticipated in the forecast period is a result of factors such as electric and hybrid vehicles, fuel efficiency standards, investments in aerospace and defense, global economic trends, and applications of renewable energy. Notable trends during this period encompass the embrace of advanced manufacturing methods, the advancement of variable geometry turbochargers, and the incorporation of computational fluid dynamics (CFD), along with the promotion of eco-friendly and sustainable practices.

The anticipated surge in demand for the automotive industry is expected to drive the growth of the compressor wheels market in the future. The automotive industry encompasses the collaborative sector engaged in the design, development, manufacturing, marketing, and sales of motor vehicles. Compressor wheels play a crucial role in the automotive sector by enhancing the efficiency and performance of turbochargers, ultimately providing more power and improved fuel economy to vehicles. For example, a report by the European Automobile Manufacturers' Association (ACEA) in March 2022 revealed that Chinese automakers produced 20.7 million vehicles in 2021, marking a 7.1% increase. Furthermore, the global production of cars rose by 2.7% to 63.2 million in 2021. Consequently, the escalating demand in the automotive industry is propelling the growth of the compressor wheels market.

The rapid expansion of manufacturing industries is set to propel the compressor wheels market's growth in the coming years. Manufacturing industries involve the large-scale production of goods through the conversion of raw materials into finished products. Compressor wheels find applications in various manufacturing processes, such as air compression systems, enhancing efficiency in areas such as pneumatic tools, HVAC, and gas compression. As reported by the Office for National Statistics in July 2023, the overall sales value for UK manufacturers reached $545.85 million (£429.8 billion) in 2022, reflecting a 7% increase from $509.91 billion (£401.5 billion) in 2021. Hence, the swift expansion of manufacturing industries is driving the growth of the compressor wheels market.

The challenge posed by fluctuating raw-material prices may impede the compressor wheel market's growth in the future. Unpredictable shifts in the prices of raw materials, such as aluminum, titanium, and nickel-based alloys, can result in unforeseen manufacturing costs. Manufacturers of compressor wheels often operate on narrow profit margins, and abrupt cost increases can erode profitability. For instance, according to Knoema Corporation in July 2022, the price of aluminum is expected to rise from $2,000 per metric ton (t) in 2021 to $2,400/t by 2035. Consequently, fluctuating raw-material prices are hindering the growth of the compressor wheel market.

Key players in the compressor wheel market are concentrating on developing innovative variants to offer reliable services to their customers. An example of this innovation is the introduction of compressor wheels with an S-shaped hub design. In July 2021, BMTS Technology GmbH & Co. KG, a German company specializing in turbocharger development and production, launched a new compressor wheel featuring an S-shaped hub. This design optimizes airflow within the compressor wheel, leading to improved aerodynamic performance and efficiency, minimizing turbulence, and enhancing overall airflow characteristics. The hub, with its sharp transition edge to the nose, is not only expanded but also aerodynamically optimized.

In July 2021, Doncasters Group Ltd., a UK-based alloy components manufacturing company, acquired Uni-Pol Group Holdings Ltd. for an undisclosed amount. This acquisition is aimed at expanding Doncasters' product line and supplying complex, high-quality, competitive products internationally for the aerospace, automotive, and industrial gas turbine industries. Uni-Pol Group Holdings Ltd. is an Italy-based manufacturer of turbine compressor wheels.

Major companies operating in the compressor wheel market report are Honeywell International Inc., BorgWarner Inc., Atlas Copco AB, Wabtec Corporation, UACJ Corporation, Ingersoll Rand PLC, Garrett Motion Inc., Doncasters Group Ltd., Booster Precision Components, ATP Turbo, Melett North America Inc., Phessio Turbo, Rotomaster, Full-Race Motorsports, GReddy Performance Products Inc., Turbonetics Inc., ABI Showatech Private Ltd., Turbo tech Precision Products Ltd., E&E Turbo, Owen Developments, Turbo Systems, Forced Performance Turbochargers, Blouch Performance Turbochargers, Nelcon Motor Company, Pacifica Power Sdn Bhd., Changzhou E and E Turbo Power Co. Ltd., Jiangyin Uni-Pol Vacuum Casting India Pvt. Ltd.

North America was the largest region in the compressor wheel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compressor wheel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the compressor wheel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A compressor wheel, also known as a compressor impeller, plays a vital role in turbocharger or supercharger systems. Its primary function is to increase the air pressure and density supplied to the engine, thereby improving combustion efficiency and increasing power output. Compressor wheels are often upgraded for performance reasons, aiming to enhance spool-up, airflow, and overall turbocharger efficiency.

The main product types of compressor wheels include titanium compressor wheels, aluminum compressor wheels, stainless steel compressor wheels, and twin-blade compressor wheels. A titanium compressor wheel is a crucial component of turbocharger or supercharger systems utilized in internal combustion engines, aerospace applications, and high-performance racing vehicles. These wheels find applications in various engine types, such as automotive and stationary engines, and are sold through various sales channels, including OEM (original equipment manufacturer) and the aftermarket.

The compressor wheel market research report is one of a series of new reports that provides compressor wheel market statistics, including compressor wheel industry global market size, regional shares, competitors with a compressor wheel market share, detailed compressor wheel market segments, market trends, and opportunities, and any further data you may need to thrive in the compressor wheel industry. This compressor wheel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The compressor wheel market consists of sales of cast compressor wheels, forged compressor wheels, and billet compressor wheels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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